The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global surgical instrument tracking systems market size is expected to reach a value of USD 536.0 million by 2026, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 19.9% during the forecast period. Rising incidence of retained surgical foreign bodies in the body during surgery is expected to boost the growth. In U.S., around 4,500 to 6,000 surgical equipment are left in the surgical sites, annually, leading to the requirement for an additional surgery to remove that equipment from the body. Thus, there is an increasing demand for operating instruments tracking products.
Increasing need for inventory management and implementation of Unique Device Identification (UDI) regulations by the Food and Drug Administration (FDA) are some of the major factors supporting the market growth. The U.S. FDA has proposed a rule requiring UDI for medical devices to encounter the requirements of the FDA Amendments Act, to improve medical devices safety and reporting of device-related adverse events. According to the UDI regulations, surgical instruments would essentially to have be UDI marked on the device to modernize post market surveillance and patient safety of various surgical instruments. Thus, favorable government regulations for implementation of tracking solutions is projected to boost the market growth.
Further Key findings from the study suggest:
- Barcode technology was the largest revenue generating segment in 2018 owing to its several advantages of the technology such as ease of handling and low installation cost
- RFID segment is projected to expand at the fastest CAGR during the forecast period due to growing demand for advanced tracking system by device manufacturers
- In 2018, software solutions was the highest revenue grossing segment due to rising technological innovations in software products
- Hospitals segment held the largest market share in terms of revenue in 2018, owing to increasing adoption of these devices for inventory management and their ability to facilitate better patient safety
- North America held the largest market share in 2018 and is expected to continue its dominance during the forecast period
- Highly developed healthcare infrastructure and availability of advanced products is projected to drive the regional product demand during the forecast period
- Some of the key players operating in the surgical instruments tracking systems market include Materials Management Microsystems, Inc.; Censis Technologies, Inc.; Haldor Advanced Technologies. Ltd.; Xerafy; B. Braun Melsungen AG; Getinge Group; and Becton, Dickinson and Company